icotec ag, a Swiss medical device company focused on non-metallic spinal implants for cancer treatment of the spine, has successfully raised $30 million in growth financing from MVM Partners.
The financing comes from icotec and MVM Partners forming a strategic partnership. MVM Partners is a venture capital firm focused on healthcare businesses.
icotec ag Group CEO Roger Stadler expressed excitement about the partnership commenting, “We are thrilled to partner with MVM, whose deep understanding of the healthcare landscape aligns seamlessly with our vision for the future.”
Stadler continued, “This partnership marks a pivotal moment for icotec, supporting us to advance our mission of improving patient outcomes by offering a convincing alternative to the 100-year-old material technology of metal implants.”
The funding will be used to support icotec’s efforts to commercialize its BlackArmor® Carbon/PEEK products. In 2019, the U.S. Food and Drug Administration (FDA) granted 510(k) clearance to icotec’s VADER®one pedicle screw system. According to the 510(k) summary document, the “VADERone Pedicle System MIS and LightMore Pedicle System 6.0 can be used for single or multiple level fixations in the non-cervical spine.” The VADERone system is made from icotec’s BlackArmor material.
The 2019 clearance has enabled a number of cancer centers in the United States to utilize icotec’s BlackArmor products. The investment, per the press release, “will enable icotec to continue its impressive growth and strengthen its research and development capabilities to expand the portfolio into the underserved indications of spinal infection and osteoporosis.”
MVM Partner Thomas Casdagli commented, “We are excited to support icotec in its mission to revolutionize the spinal implant industry.”
Casdagli continued, “icotec’s BlackArmor® Carbon/PEEK implants represent a huge step forward in the treatment of complex spine disease. For the first time clinicians have the choice to be able to accurately visualize and treat patients after surgery without the artifacts and limitations of traditional metal implants. We see this as a big step forward for patient care. We look forward to working closely with the icotec team to drive continued success and growth.”
